Are you ready? Tax season 2025 will start Jan. 27 — that’s when the IRS will start accepting 2024 tax returns. The IRS said it expects to receive more than 140 million individual tax returns by the April 15 deadline.
Here’s everything you need to know about preparing your 2024 tax return this year.
What to know about the 2025 tax filing season
When preparing your tax return, it helps to be aware of changes in tax rules. For example, the IRS generally adjusts key tax figures every year to account for inflation, including the standard deduction amount, income tax brackets, and IRA contribution limits. Plus, the IRS’ Direct File program has expanded to more states. Read on for the details.
The standard deduction is higher for 2024 tax returns
When you file your tax return, you can use the standard deduction or claim itemized deductions. The standard deduction is a set amount based on your filing status, while itemizing requires taxpayers to total up a list of their qualified expenses. You must choose between claiming the standard deduction or itemizing, but both methods are a way to reduce the taxes you owe.
Here are the current standard deduction amounts for 2024, for returns filed in 2025:
| Filing status | 2024 standard deduction amount |
| Single | $14,600 (up $750 from 2023) |
| Head of household | $21,900 (up $1,100 from 2023) |
| Married filing jointly | $29,200 (up $1,500 from 2023) |
| Qualifying surviving spouse | $29,200 (up $1,500 from 2023) |
| Married filing separately | $14,600 (up $750 from 2023) |
Tax brackets changed for 2024 tax returns
Each year, the IRS adjusts the federal income tax brackets to account for inflation, which can significantly impact your tax return. It’s a good idea to understand how marginal tax rates work, since they are pivotal for tax planning.
There are currently seven tax rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%. While those income tax rates didn’t change for 2024, the income thresholds have widened. That means, for example, that a single tax filer with $45,000 of taxable income would have a top tax rate of 12% in 2024, whereas that same taxpayer would have had a top tax rate of 22% in 2023. Here’s a breakdown of the 2024 income tax brackets.
IRA contribution limits
If you want to contribute to your individual retirement account (IRA) for 2024, you have until the April 15 tax deadline to make that contribution and potentially reduce your taxable income.
Traditional IRA contributions are an “above-the-line” deduction, meaning you don’t have to itemize to claim the deduction. But keep in mind that if you (or your spouse if you file jointly) has access to a retirement plan at work, then there are income limits that may affect the deductibility of your contribution.
For tax year 2024, taxpayers can contribute up to $7,000 to an IRA, up from $6,500 in the prior year. For taxpayers over 50, the amount increased to $8,000, from $7,500 in 2023. Consider speaking with a financial advisor or tax professional to determine your eligibility for deductible IRA contributions.
New ways to file
Last year, the IRS launched the Direct File program, which offers taxpayers a guided tool to file their federal tax returns directly with the IRS at no cost. The program was first introduced in 2024 but limited to 12 states; the IRS has since expanded Direct File to 25 states.
More complex tax returns aren’t accepted by the Direct File program — for example, if you itemize or if you want to deduct your IRA contributions, you can’t use Direct File. However, Direct File does accept tax returns with certain tax credits, including the earned income tax credit, child tax credit, and child and dependent care tax credit. If you think the IRS Direct File program may work for you, check here to see which states participate.
When to expect your refund — and how to get it fast
If you submit your tax return electronically and without errors, you should receive your refund within 21 days of filing, as long as you choose direct deposit. The exact timeline, however, depends on how you file and how you want your refund paid out. Here’s an estimate of what you can expect:
- One to three weeks for those who e-file with direct deposit;
- Three weeks for those who paper file with direct deposit; and
- Six to eight weeks for those who e-file or paper file and request a refund check in the mail.
2025 tax season calendar: Key dates and deadlines to remember
- Jan. 27: The IRS starts processing 2024 tax returns.
- Feb. 3: Deadline to file 2023 tax returns for taxpayers who live in Louisiana, Vermont, Puerto Rico, and the Virgin Islands and parts of Arizona, Connecticut, Illinois, Kentucky, Minnesota, Missouri, Montana, New York, Pennsylvania, South Dakota, Texas, and Washington.
- April 15: Deadline for most taxpayers to file their 2024 tax return or request a six-month extension, though even with an extension you’ll still need to pay any taxes you owe to avoid penalties or fees.
- May 1: Deadline to file 2023 and 2024 tax returns for taxpayers who live in Alabama, Florida, Georgia, North Carolina, and South Carolina and parts of Alaska, New Mexico, Tennessee, Virginia and West Virginia.
- Oct. 15: Deadline to file your 2024 tax return if you requested a six-month extension.
Check with your state’s tax agency to determine when your state taxes are due.
Tax-filing checklist: Key documents you may need to gather
- Form W-2, which your employer will provide. This form lists how much you were paid in 2024, as well as how much in taxes you withheld.
- Form 1098, which shows how much you paid in interest on a mortgage or student loan.
- Form 1099-NEC reports income that you made working as an independent contractor or as a self-employed individual.
- Form 1099-G shows income received from unemployment compensation, taxable grants, or state or local income tax refunds.
- Form 1099-MISC reports income from royalties, rents, prizes and awards, and other income payments.
- Form 1098-T is a tuition statement for higher education expenses.
- Records for any stocks or other investments that you sold in 2024, including crypto transactions or other digital assets.
See a complete list of IRS tax forms.
Bottom line: File early — but get help
Whether you expect a tax refund or not, now is the time to get your tax documents in order and seek the best resources to help you file your income tax return.
Consider creating an IRS online tax account to view your previously filed tax returns, check on your refund, or set up payment arrangements. Doing so can help you find your tax information without having to reach out directly to the IRS.
If you expect to file your income tax return on your own, review our guide to help you choose the tax software that works best for you.
Learn more:
Read the full article here
